Hyderabad techie duped of Rs18 lakh in ‘crypto currency’ fraud

Hyderabad: A city-based techie has been duped to the tune of Rs 18 lakh by a Bengaluru-based fraudster who created a fake online crypto currency.

The police said that the accused lured people though his website -www.3gcoin.eu - saying that by investing through virtual mining they can claim 180 times returns in two years.

Cyberabad cyber crime police arrested the accused B.M. Jagadeesha in Bengaluru on July 16 who has been brought to city on a transit warrant.

“We have dealt various cases but crypto currency is the first of its kind registered with cyberabad,” said Md. Riyazuddin Inspector of Police, Cyber Crimes, Cyberabad.

Jagadeesha registered the company in Germany and floated the company under fictitious deceased person – K Nagarjuna making him the head of administration of offices in Germany and UK.

The police said that the accused lured people though his website -www.3gcoin.eu - saying that by investing through virtual mining they can claim 180 times returns in two years. Tempted by this offer, the victim invested Rs 18 lakh in January and after failing to get monthly returns he filed a case on July 11.

Jagadeesha registered the company in Germany and floated the company under fictitious deceased person – K Nagarjuna making him the head of administration of offices in Germany and UK.

“The victim was made to pay equivalent amount of 30 euros in Indian currency for registration on the website and then they could purchase as many 3G Coins - each worth 30 euros - as they want. The amount then had to be deposited in two bank accounts of ICICI and Axis which has been opened in the name of the deceased person,” said Riyazuddin.

According to reports, the accused has nearly collected Rs 2.89 crore from the victims and gave most of the amount to agents as commission.